Transformation Homes is a Richfield Housing and Redevelopment Authority (HRA) loan program to encourage large-scale renovations that will provide new value and neighborhood preservation. To be eligible for funding the renovation, a home must be valued at $50,000 or more. The program provides zero percent interest, a 30-year deferred loan, and the loan covers 15 percent of total project costs, up to $15,000.

A "home transformation" means a major home remodel, increasing its livable space and its value. Residents who enjoy their neighborhood, like the schools, and know the benefits of the community are choosing to adapt their existing homes to meet their current needs. The Transformation Homes Loan was developed to provide incentives for homeowners or homebuyers in Richfield to begin major remodeling activity.

Program features include:

• Free remodeling advisor services - initial remodeling advice as well as on-going assistance is provided through a remodeling advisor.
  

• The Transformation Loan. The Richfield Housing and Redevelopment Authority (HRA) characterized the Transformation Loan as an "incentive loan". The incentive is just a little more financing with terrific terms, so that a homeowner may feel equipped to move forward on their remodeling project.